I was never asked any of these questions in my co-op board interview. It was an easy process. The interview was just to create a relationship. They only asked for paycheck stubs and told me a background check would be conducted before acceptance can be approved.
Hi Gene! Sounds like you had an easy-peasy interview. These are all questions that can come up, but it’s rare that all of them do, and it’s just as possible none of them do! That said, even innocuous or casual questions can backfire on a buyer and a board can reject a buyer for any reason, so I wanted to share ways buyers can avoid some pitfalls. Appreciate your comment, and thanks so much for watching!
The board acceptance rate for buyers are pretty high. We only deny applicants who cannot pass a background check. Trust me, it happens more than you think. I think my board has an easy process because there are no loans on our building and we just pay a small monthly fee of less than 240.00 a month for a two bedroom.
This was very helpful for me my question is I have a Aunt that lives in a co op and I wanted to know if she wanted leave that co op apartment with me can that be done?
Yes, absolutely! It may depend on the co-op and their particular rules, and you should definitely consult an estate attorney on how to accomplish this, but she can leave the apartment to you or grant you "right of survivorship." The important thing is to put it in a trust to avoid probate and/or make sure the "right of survivorship is put on your aunt's Stock Certificate for the apartment.
This was very helpful and informative - thank you!!
My pleasure! Call or email anytime you have questions!
I was never asked any of these questions in my co-op board interview. It was an easy process. The interview was just to create a relationship. They only asked for paycheck stubs and told me a background check would be conducted before acceptance can be approved.
Hi Gene! Sounds like you had an easy-peasy interview. These are all questions that can come up, but it’s rare that all of them do, and it’s just as possible none of them do! That said, even innocuous or casual questions can backfire on a buyer and a board can reject a buyer for any reason, so I wanted to share ways buyers can avoid some pitfalls. Appreciate your comment, and thanks so much for watching!
The board acceptance rate for buyers are pretty high. We only deny applicants who cannot pass a background check. Trust me, it happens more than you think. I think my board has an easy process because there are no loans on our building and we just pay a small monthly fee of less than 240.00 a month for a two bedroom.
Definitely informative.
I appreciate your informational video, Daniel...So helpful:-))
So glad!
Thank you
You're welcome
This was very helpful for me my question is I have a Aunt that lives in a co op and I wanted to know if she wanted leave that co op apartment with me can that be done?
Yes, absolutely! It may depend on the co-op and their particular rules, and you should definitely consult an estate attorney on how to accomplish this, but she can leave the apartment to you or grant you "right of survivorship." The important thing is to put it in a trust to avoid probate and/or make sure the "right of survivorship is put on your aunt's Stock Certificate for the apartment.
Great and informative video!
I find it